The Home Affordable Refinance Program (HARP) loan lets many home owners in Suwannee County to refinance their under water homes where it was previously unattainable. If you are one of the many who qualify for the newest HARP loan refinancing program, FiveStarsMortgage.com can help you to swiftly help you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Prerequisites, and Enhancements
The Making Home Affordable Program, which was created and launched in late 2009, lets many homeowners who were previously struggling to get refinancing for their home loan. As a result of complete decreases throughout the market and property values, homeowners were cornered having to pay more than they can afford on their homes. Amongst the most significant benefits of the program was the development of the Home Affordable Refinance Program, or HARP. Utilizing this new loan refinancing process, qualified homeowners of Branford, FL with HARP Refinancing could possibly get a smaller payment on their home and save yourself thousands of dollars over time.
The HARP system is for property owners with Freddie Mac or Fannie Mae backed home mortgages which have a loan-to-value (LTV) ratio of over 80% on the mortgage loan. Because mortgage loans that have an LTV of more than 80% are often unable to qualify for conventional loan refinancing options, the HARP program was essential to enable as many people as possible to begin spending less on their monthly payments. As borrowers needs have changed since the program was implemented, the HARP program has additionally been through some variations to enable more flexibility for acceptance. At this time, the HARP program made available is often called HARP 2.0 and provides more flexible qualification conditions. Here is a summary of the history and progression of the HARP refinance program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process can give sizeable assistance for Branford, FL home owners that did not refinance their home in the past attributable to diminishing home values. The modern version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new edition of HARP allows unrestricted loan to value, which is the most essential adjustment. This simply means no more restrictions on how much money a homeowner currently owes on their mortgage verses how much money their house is currently worth! Branford, FL homeowners upside-down or underwater on their mortgage will get some assistance. On top of that, there are less restricted credit guidelines installed. Many of the other government home refinance programs in the last several years have fallen short of truly assisting home owners to refinance their mortgage loan to a lower interest rate. The present rendition of the HARP mortgage program (2.0) offers the help many Branford property owners have needed for such a long time. Despite who your current loan servicer is (Citi, Chase, Wells Fargo, Bank of America, etc) we are able to help you provided that your mortgage is presently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are derived from what is increasingly being outlined but it is not known what the ultimate program will offer or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $400 a month on their monthly payments, that may total $35-70 billion in cost savings every year.
HARP 3.0 My Refi (Recommended Possible Future Program)
HARP refinance mortgage application requests are being processed now. You can click here to get started and to check your HARP loan eligibility. The short application only takes one minute and no personal info ever required. You can also call 800-871-2636 7 days a week.
Are you a home owner that does not currently have a conventional mortgage?